Silver Price Forecast: Bulls Hold Firm Above Key $35.40 Support Despite Pullback

Silver Price Forecast: Bulls Reign Supreme Above $35.40 Support Zone

Silver (XAG/USD) is seeing mild selling during Thursday’s Asian session, falling 0.50% to trade around $36.35–$36.40. Despite pulling back from weekly highs near $36.60, the white metal continues to trade within a constructive technical zone, as traders remain cautious ahead of the US Nonfarm Payrolls (NFP) report.

Minor Pullback, But Bullish Bias Intact

Silver’s inability to sustain Wednesday’s rally is largely attributed to profit-taking and pre-NFP positioning. Technically, while the MACD histogram and signal line are showing early signs of softening, the RSI (14) remains comfortably above 50, favoring the bullish camp in the medium term.

Key Technical Levels to Watch

• Immediate Support: $36.00
• Major Horizontal Support: $35.40–$35.50
• Psychological Support: $35.00
• Deeper Supports: $34.75 and $34.45

A decline below $36.00 could act as a buying opportunity, provided silver stays above the critical $35.40 zone. A decisive break below $35.40, however, may trigger a technical sell-off toward $35.00 and lower.

Fundamental Catalyst: US NFP Report

The upcoming US jobs report is likely to drive the next big move in silver. Strong data could revive Fed rate hike fears, pressuring metals. Conversely, a weak reading may support safe-haven demand for silver.

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